WE ARE NUMBRS
Frequently Asked Questions
Although both regular and remote bookkeepers complete the same tasks (posting financial transactions, processing payroll, reconciling accounts, and producing financial statements), remote bookkeepers complete the work virtually, instead of on-site at a client’s office.
Businesses enjoy both flexibility and cost-savings benefits when virtual bookkeeping is completed.
Our bookkeeping firm specializes in cloud accounting, which enables us to provide our services completely remotely. Doing so provides huge cost savings – we don’t require office space at your business and can offer you flexibility regarding our services. The online bookkeeping software we use is adaptable to your business’s needs, creates a paperless office, and offers extensive, real-time data analytics.
Your business is unique – which makes your bookkeeping requirements different, too. Depending on the financial systems and processes needed, the timeframe for us to get you up and running can vary from 7 to 10 business days. If your business is behind in its bookkeeping, it may take longer. We can let you know the expected timeline when we review your business’s needs.
If you already have a QuickBooks online account, you can simply add us as a user so that we can access your books. If you’re new to QuickBooks, don’t worry: we’ll get you set up with an account in no time!
We know better than anyone how busy life can get! If you’re behind with your business’s bookkeeping, we can easily import your previous transactions and get your books back in order.
At NUMBRS, we’re all about creating efficient bookkeeping processes. Using our digital bookkeeping software, we’ll be able to obtain your financial transactions directly from your banking institution. A digital receipts and bills management system – which allows online storage of photographed receipts – can also be created. Every month, we ask that you provide us with an electronic bank statement so that we can reconcile your books accurately.
Although we don’t need your paper receipts, you should keep them on file for government auditing purposes.
Accrual and cash-based bookkeeping are two different methods for reporting business-related income.
Regardless of when the payment is received, the accrual method requires income to be reported during the fiscal period it was earned. Allowable expenses can still be deducted during the fiscal period they’re incurred, even if you haven’t paid for them yet.
Cash-based bookkeeping processes report revenue based on when cash is received. According to the Canada Revenue Agency, only farmers, fishers, and self-employed commission agents can use this reporting method.
Both a bookkeeper and an accountant are needed for complete business accounting services. Bookkeepers are mainly responsible for recording and organizing financial transactions, whereas accountants interpret, classify, analyze and report the financial data. Bookkeepers are your go-to partner for keeping your books up to date, whereas accountants are better equipped to handle tax matters.
We do not offer partial accounting services – and for good reason. We have found that completing partial accounting can be more costly to complete and produce less accurate results than completing a business’s books right the first time.
For tax filing, we provide clear, accurate financial statements to a trusted accountant partner to complete the process. We are here to answer any questions your accountant may have while your taxes are being prepared
What type of NUMBR cruncher would we be if we weren’t available for support when required?! Our experienced bookkeepers are always happy to help and can be reached via email or phone call.